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Elements to Understand for the Formation of LLP

A company can be defined as a business entity or an association of individuals with a common motive of gaining profits. A unique ideology in the business of profit making, Limited Liability Partnership is a partnership firm in which the members have limited liability as per the contract signed between them. The LLP shows the characteristics of both partnership and corporations. In this business concept, one partner will not be responsible for the misconduct or debt of some other partner.

Following procedures must be accompanied for the registration of any LLP :

  • In order to establish any LLP, minimum of two members are required and at least two designated partners with Director Identification Number (DIN) are needed. DIN can be easily obtained by submitting Form DIR 3 to Ministry of Corporate affairs in together with self-attested copy of identity proof, and self-attested copy address proof.
  • A suitable name for the LLP needs to be submitted with the Registrar, subjected to the guidelines issued by Ministry of Corporate Affairs.
  • Incorporation A LLP agreement should be drafted in accordance with LLP Act that must be filed within 30 days of registration or at the time of registration.
  • Documents regarding details of partners and registered office should be submitted through filing the subscription sheet that shall be witnessed by any Chartered Accountant or secretary or advocate in practice.
  • Consent of partners to become partners of Limited Liability Partnership.
  • A LLP agreement should be drafted in accordance with LLP Act that must be filed within 30 days of registration or at the time of registration.
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